All Forum Posts by: Nathan Patterson

Hi there, 

In your market, does the landlord pay for garbage/water/electric/etc? If not, cut them out. The renter will be on the hook for them & that will free up some cash. Where did you get your PMI from? It seems low to me, granted I'm in Colorado but my runs around the $60/month. Also, look at your taxes/interest rates etc. I'd recommending speaking to a lender that you plan on using & see if they can give you some #'s to go off of that will help button down your calculations. I also agree with @Bjorn Ahlblad. A lot of SFH's won't cast flow these days(might change with what is happening with the economy/virus) not saying there aren't some out there that will but there just hard to find. Also look at renting by the room, some times that gives you more income each month & can make a deal work.

Yes they will, the lowest I've been pre-qualified for was down to 5%.  Just depends on the lender & what they are willing to do.  

I would say to do your due diligence & BUY BELOW MARKET VALUE.  To help with any crash that may be coming.  But, also, don't try to time the market.  Better to get the experience now then try to time the market & end up waiting 10+ years

@Patrick Dean I havent used fundrise yet. Though i do use ground floor. So far I like it. I like being able to pick and choose what loans I invest in and where in the country too. I'm around a 10% return, though I invest fairly aggressively. The updates on each property are great and help keep you informed. Im looking at getting into fundrise as well, and i have also heard good things about them.

To me, it depends on what you plan to do with it in the future. If your going to invest it in less then 6 months, then keep it in a savings account so you can get to it easily. If 1-2 yrs or more. Then id look at fundrise, ground floor, share states etc. That way you can still be in real estate and get decent return.

Excited to see how this one comes out.  Sounds like a good deal so far.

@John Vu good luck on finding things in the Springs.  I've been looking for a few months.  I've only found one deal that cash flows.  Everything else I would be negative $200-$500 a month.  I even have trouble finding deals that aren't already rehabbed.

@Ian Ippolito What has your experience been with Fundrise.  I'm a non-accredited investor.  I've considered performing notes, but I don't quite have enough to purchase a performing note.

Great review, I see that you have a property in Mississippi. Where in Mississippi was it located at?  Do you have any issues with finding tenants?

Great looking place, what part of Colorado Springs was this at?  How did you find the deal?